Although Floyd Mayweather Jr. earned hundreds of millions of dollars during his professional boxing career and topped Forbes’ list as the highest-paid athlete from 2012 to 2014, the boxer found himself miniature of money and filed a multi-million dollar lawsuit against Showtime.
The lawsuit, filed Tuesday and obtained by ESPN, seeks “to recover hundreds of millions of dollars in misappropriated funds and damages resulting from a long-running and intricate scheme of financial fraud, breaches of fiduciary duty and conspiracy orchestrated by Floyd J. Mayweather’s former manager and advisor, Al Haymon, with the knowing and significant participation and assistance of, among others, defendants Showtime Networks Inc. and Stephen Espinoza.”
Mayweather, 48, claims he is owed “at least” $340 million and cites “a intricate web of hidden accounts, unauthorized transactions and intentional concealment of financial records” as the reason for his suspicion of defrauding those funds.
Haymon is not named as a defendant in the complaint.
Espinoza did not respond to a request for comment on the lawsuit.
In 2013, Mayweather signed a 30-month, six-fight contract with Showtime, which was the richest contract for an individual athlete at the time. During this deal, he fought Robert Guerrero, Canelo Alvarez, Marcos Maidana (twice), Manny Pacquiao and Andre Berto, and also faced UFC superstar Conor McGregor on Showtime PPV.
Mayweather has fought eight times on Showtime PPV, and the Pacquiao fight remains the highest-grossing pay-per-view fight in history with over 4.4 million buys and $410 million in revenue generated. Mayweather reportedly earned around $250 million for this fight alone.
In the lawsuit, Mayweather claims that Showtime and Espinoza worked together to divert the boxer’s earnings to accounts controlled by Haymon and failed to provide financial transparency. Mayweather claims he has “suffered enormous financial damage” and is at least $340 million miniature of his $1.2 billion professional fighting purse.
Mayweather retired from professional boxing in 2017 with a record of 50-0, but has since competed in several exhibitions.
An exhibition fight with Mike Tyson was announced last September in the spring, but no date or location has been revealed. Reports emerged on Tuesday that Mayweather would face K-1 kickboxing legend Mike Zambidis on June 27 in Greece, but that fight has also not been formally announced.